SPORTS.edited

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Marketing

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Nov 24, 2024

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Running head: SPORTS MARKETS 1 Sports Markets Name Institution

SPORTS MARKET 2 In detail, discuss the family life cycle and how it is used as a strategic tool when segmenting sports markets. What stage of the family life cycle are you currently in? How does this affect your sports participation and spectator behavior? Peter et al. (1999), when analyzing the Family Life Cycle (FCL) , noted that there are a number of stages that various families undergo that brings complete differences and transformation for a given time. Nonetheless, society may undergo complete possible change during the FCL cycle, which may, in return, affect the behavior of the consumer and their marketing strategies (Peter et al., 1999). Therefore, consistent consumer progression solely depends on the family's life cycle from one stage to the other (Peter et al., 1999). In this case, professionals consider the variation of the fact that most bachelors are reluctant in any sporting activity or purchases based on sports compared to the newly married couples (Peter et al., 1999). Moreover, newly married couples have the highest purchasing power for durable goods and other household appliances and furniture (Peter et al., 1999). From research Peter et al. (1999) noted that newly married couples often have reduced expenses; thus, their money goes to luxurious things such as entertainment, cars, clothing, and other leisure activities. Consequently, such privileges are never exercised by people that have children and have spent some good years in marriage (Peter et al., 1999). With the fact that the newly married couples have two incomes and no children, their financial status is always better when they were single. Such leisure spending, like traveling to watch a sport for such marriages, has greatly risen. On spectator behavior, the US has registered a decline. Increased sports participation and entertainment have increased the market, hence increasing competition.

SPORTS MARKET 3 Concurrently, sporting products have difficulties in maintaining, therefore, leading to reduced sports popularity for other sports like actions. 2.The primary target market for NASCA, the Kentucky Derby, WNBA, Mixed Martial Arts, and Zumba. The potential secondary target market for each of these sports products The Kentucky Derby has presented America with an experience rich in culture, folklore, and history. Appleton (2017) noted that the derby of Kentucky attracts the most significant number of attendees every year; even with it being a horse race, it has recorded the most significant number of views worldwide than the Superbowl. With the acquisition of such a great brand, Kentucky's derby has presented an excellent event for sporting whereby there are various activities carried out, such as horse race, wagering, and social aspect. Nasca Ahmed (2019), on addressing the marketing target, noted that to transform and convert the secondary market target to primary, trust is essential. Nonetheless, it will be crucial for creating product service for items with unique needs for additional revenue streaming (Ahmed, 2019). For target marketing, it is vital to carry out Demographics to enable market segments whereby the business will be grouped by race, ethnicity, gender, occupation, family status, and income. Kentucky derby Ahmed (2019) noted that the product segment is analyzed by the different behavior towards a certain product. However, market segmentation can be through frequent sales and purchases, brand loyalty, consumption frequency, and urgency (Ahmed, 2019). WNBA targets the basketball players and their families, mainly young girls and teenagers. Mixed martial arts (MMA) is a significant number of people involved in MMA from children, both male and female, based on what they view from the television. Zumba here, parents focus on the best quality when choosing schools for their children. Therefore, this element's primary market strategic target should emphasize such elements, such as top quality

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SPORTS MARKET 4 selections and brand names that have high quality. To achieve this, the business may undertake the proper advertising forms or send direct automated marketing emails to customers or its prospects. 3. Pick a sports organization (no profession teams) for a marketing plan project It tends to be very difficult, identifying a market strategy that focuses on specific prospects. However, with these customers, one ought to put in mind that the business should act and fill up the gap for an absolute need. Therefore, it is crucial to carry out market research that resonates and understands the client's or customers' interests (Da Silva and Las, 2017). The All4Sport aims at providing sports at the premier level, mainly for children. Nonetheless, the organization aims to reach out to those out of the district to increase revenue with reduced costs. The Mission of All4Sports provides young people with high-quality education by engaging them in sports. Nonetheless, the report done by Mplans on All4Sports mission noted that they have to treat all the participants and esteem them with high respect. Therefore, the organization aims at improving an individual's self-esteem and confidence. The organization contains various Market Objectives that foresee their day to day running. Hence, the All4Sport esteems and values imparting experience and knowledge to various numbers of children. Therefore, the marketing objectives aim to make a comprehensive and breaking down various demanded skills to analyze the available options and choices. Financial Objectives aims to raise money through donations, events, contribution grants, and gifts. The financial objectives aim at increasing their corporate revenue contribution past 12%. Nonetheless, the Mplan report noted that the objective economic aims at arriving at $1,510,000 as per their budget target. References

SPORTS MARKET 5 Ahmed, A. (2019). What Is a Secondary Target Market?. Biz Fluent. https://bizfluent.com/about- 6504714-secondary-target-market-.html Appleton, B. (2017). The secret to the Kentucky derby's incredible branding process. Envision Creative. Available at: https://www.envision-creative.com/blog/branding-process- kentucky-derby/ Da Silva, E. C., & Las Casas, A. L. (2017). Sports marketing plan: an alternative framework for a sports club. International Journal of Marketing Studies, 9(4), 15-28. Available at: https://www.researchgate.net/publication/318764714_Sports_Marketing_Plan_An_Altern ative_Framework_for_Sports_Club Peter, J. P., Olson, J. C., & Grunert, K. G. (1999). Consumer behavior and marketing strategy. London, UK:: McGraw-hill.

SPORTS.edited

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